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PDL BioPharma Announces Fourth Quarter and Full Year 2009 Financial Results and Provides First Quarter 2010 Revenue Guidance
Date:3/2/2010

Total general and administrative expenses from continuing operations in 2009 were $21.1 million, compared with $51.5 million in 2008. For the fourth quarter of 2009, general and administrative expenses from continuing operations were $5.5 million, compared with $15.9 million for the same period of 2008. The decrease was primarily driven by the Company's reduced cost structure. Significant expense items in 2009 were legal fees of $10.9 million, compensation and benefits of $3.4 million, professional service fees of $2.4 million and non-cash compensation and depreciation costs of $1.8 million.  

Net income in 2009 was $189.7 million, or $1.07 per diluted share, compared with net income of $68.4 million in 2008, or $0.47 per diluted share. Net income for the fourth quarter of 2009 was $28.6 million, or $0.17 per diluted share, compared with net income of $40.6 million, or $0.26 per diluted share, for the same period in 2008.

Net cash provided by operating activities was $187.0 million in 2009, compared with $80.1 mi
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SOURCE PDL BioPharma, Inc.
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